OmniVision released its 3Q26 report: the 3Q26 revenue reached RMB8,124mn (+3.80/+6.74% YoY/QoQ), gross margin was 30.00% (-0.33/+1.73pp YoY/QoQ), attributable net profit (NP) was RMB1,079mn (-8.74/+50.53% YoY/QoQ), and recurring NP was RMB964mn (-13.06% YoY). The 9M26 revenue/attributable NP/ recurring NP were RMB22,149/2,299/2,206mn (+1.68/-28.39/-27.90% YoY). The 3Q26 revenue approached the upper bound of guidance disclosed in August 2026. Maintain BUY on quarterly profit recovery driven by high-end expansion in automotive/emerging market CIS and analog businesses.
Analog and optical communications: Automotive and AI compute open second growth curve
Per the 3Q26 report, the company accelerated penetration in autonomous driving and AI compute infrastructure through automotive analog chips and high-speed optical communications analog ICs. Per the 29 October 2026 announcement, these new products have entered mass production, with automotive analog and optoelectronic businesses likely to maintain growth in 4Q26. On optical communications, per the 1H26 report, the company focused on core transceiver components including optical module TIAs and LD drivers, while iterating LCOS spatial light modulators to expand in data center OCS switch markets. LightCounting predicts Ethernet optical modules and CPO sales for AI clusters could reach c. USD26bn in 2026. We expect automotive analog and optical ICs to benefit from smart driving and AI compute demand, forming a second growth curve.
Target price at RMB114.39, maintain BUY
Factoring in GPM expansion driven by design business high-end migration, we raise our 2026/2027/2028 attributable NP forecasts by 3.0/1.9/6.4% to RMB3,466/4,639/5,524mn, implying EPS of RMB2.75/3.69/4.39, and adjust our revenue forecasts to RMB30,395/34,090/36,951mn (previous: RMB30,231/ 34,760/38,890mn). Given the company's global leadership in automotive CIS and scaling emerging, analog, and optical communications segments, we roll forward our valuation benchmark to 2027, applying 31x 2027E PE (a discount to its peers' average of 37.2x on Wind consensus due to ongoing consumer electronics demand pressure) to derive a target price of RMB114.39 (previous: RMB107.20 based on 40x 2026E PE, with the upgrade mainly driven by rolling forward the valuation benchmark to 2027). Maintain BUY.
Risks: semiconductor downcycle; weaker smartphone demand than we expect; intensified competition; slower expansion into new businesses than we expect.

　　豪威集团发布三季报：3Q26实现营收81.24亿元（yoy+3.80%，qoq+6.74%），毛利率30.00%（yoy-0.33pct，qoq+1.73pct），归母净利润10.79亿元（yoy-8.74%，qoq+50.53%），扣非净利润9.64亿元（yoy-13.06%）。1-3Q26实现营收221.49亿元（yoy+1.68%），归母净利润22.99亿元（yoy-28.39%），扣非净利润22.06亿元（yoy-27.90%）。3Q26营收接近公司2026年8月披露的指引上限。我们看好汽车与新兴市场CIS、模拟业务高端化带动盈利逐季修复，维持“买入”评级。
　　3Q26回顾：毛利率环比回升，Q4指引同比增长
　　据公司三季报，1-3Q26公司半导体设计业务收入163.46亿元（yoy-9.40%，占营收73.80%），半导体代理销售业务收入56.86亿元（yoy+55.67%），低毛利代理业务占比提升使前三季度毛利率同比下降1.20pct；3Q26毛利率环比提升1.73pct至30.00%，主要系设计业务收入结构持续优化。展望4Q26，据公司公告，公司预计4Q26营收77.59-83.24亿元（yoy+9.71%~+17.71%，qoq-4.50%~+2.47%），毛利率约29.44%-30.74%，公司预计汽车业务持续恢复。我们认为，设计业务高端化正抵消代理业务占比提升对毛利率的稀释，盈利拐点已现。
　　CIS：新兴市场放量，看好手机与汽车高端化带动收入逆势增长
　　据公司三季报，2026年前三季度消费电子、汽车电子等终端市场需求承压，公司通过高性能图像传感器加速在智能驾驶、专业影像、机器视觉与机器人、端侧AI等领域渗透，设计业务收入结构持续优化。据公司2026年10月29日公告，公司智能驾驶领域保持较快增长，专业影像、机器视觉与机器人、端侧AI等新兴市场应用不断创新，公司预计4Q26汽车业务持续恢复、新兴市场保持增长。我们看好公司手机CIS向高端大底主摄升级、汽车CIS受益高阶智驾渗透实现量价齐升，手机与汽车CIS收入有望在终端需求承压下逆势增长，CIS业务高端产品占比将持续提升。
　　模拟与光通信：车载与AI算力打开第二增长曲线
　　据公司三季报，公司通过车载模拟芯片及光通信高速模拟电芯片等，加速在智能驾驶及AI算力基础设施等领域渗透。据公司2026年10月29日公告，上述新品已实现量产导入，公司预计4Q26模拟车载、光电业务保持增长。光通信方面，据公司2026年8月披露的半年报，公司重点布局光模块TIA、LDDriver等收发端核心器件，并迭代LCOS空间光调制器以拓展数据中心OCS交换机市场。据LightCounting预测，2026年AI集群用以太网光模块及CPO销售额约260亿美元。我们看好车载模拟与光模块电芯片受益于智驾与AI算力需求，成为公司第二增长曲线。
　　目标价114.39元，维持“买入”评级
　　我们考虑到设计业务高端化带动毛利率上行，上调公司2026-28年归母净利润（3.0%/1.9%/6.4%）至34.66/46.39/55.24亿元，对应EPS为2.75/3.69/4.39元，并调整2026-28年营收至303.95/340.90/369.51亿元（前值302.31/347.60/388.90亿元）。考虑到公司汽车CIS全球领先地位与新兴市场、模拟及光通信业务逐步放量，我们将估值基准切换至2027年，给予公司2027年31倍PE估值（可比公司2027年PE均值37.2x，考虑手机等消费电子需求仍承压给予一定折价），对应目标价114.39元（前值107.20元，对应2026年40xPE，上调主因估值基准切换至2027年），维持“买入”评级。
　　风险提示：半导体下行周期，手机需求不及预期，行业竞争加剧，新业务拓展不及预期。

　　AI拓展视觉感知边界，新兴应用成为增长来源，高阶智驾与手机高端化推动CIS价值升级。运动相机、机器人及端侧AI推动视觉需求由影像记录向环境感知与智能交互延伸，带动CIS用量与性能升级。2026年上半年，公司图像传感器业务来自新兴市场的收入为17.26亿元，同比增长47.12%，其中专业影像终端、机器视觉与机器人收入分别增长53.36%、71.15%。公司依托高动态范围、近红外成像及全局快门等技术，持续拓展新兴应用。车端，当前部分新车已围绕L3完成感知、算力与冗余布局，全球乘用车平均CIS搭载量预计由2024年的3.4颗增至2029年的8颗，叠加800万像素、HDR及功能安全要求升级，推动汽车CIS量价齐升。手机端，存储涨价及需求偏弱压制出货，但2026年上半年高端手机销量逆势增长5%、占比升至29%，2亿像素正向主摄与多摄场景延伸。公司OVB0D采用1/1.11英寸大底，实现108dB原生动态范围，有望带动手机CIS产品结构优化。尽管2026年上半年公司汽车及消费电子业务收入有所下滑，汽车视觉配置升级与手机高端化仍为高性能CIS提供结构性需求。
　　高速光模块放量与模拟芯片价值提升共振，豪威光通信业务已实现量产导入。AI算力集群建设推动800G、1.6T等高速光模块需求扩张，LightCounting预计2026年AI集群用以太网光收发模块及CPO销售额约260亿美元，高于2025年的约165亿美元。中国厂商在光模块制造环节具备规模优势，下游份额提升带动本土配套需求显现。豪威依托高速模拟设计积累推进光通信产品布局，2026年上半年已实现客户量产导入，光通信AI收入占模拟解决方案业务的9%；同期汽车IC收入增长67%，业务结构持续向汽车、光通信及AI算力基础设施拓展。同时公司完成对翌创的控股收购，补充数字电源控制能力，并持续布局光交换相关产品。
　　拟合计投资12亿元布局晶圆制造与光掩膜，强化供应保障及研发协同。AI相关产品带来的供需紧张不断蔓延至其他品类，当前晶圆制造产能供应日益紧张，行业涨价趋势明确。2026上半年，公司拟分别向荣芯半导体、睿晶半导体增资10亿元、2亿元，完成后预计持股5.88%、5.13%。荣芯的12英寸特色工艺平台与公司CIS及模拟产品契合，有助于加强产能配套与工艺联合开发；睿晶的光掩膜业务有助于提升研发验证效率并优化开发成本。两项布局共同完善从设计验证到量产交付的协作体系。
　　盈利预测与投资建议：考虑到公司光通信AI等相关业务进展顺利，CIS业务整体结构改善明显，我们维持盈利预测，预计公司在2026/2027/2028年分别实现营收311.4/372.8/427.4亿元，同比增长7.9%/19.7%/14.6%；分别实现归母净利40.8/55.2/69.5亿元，同比增长0.8%/35.3%/26.0%。我们坚定看好国产CIS龙头的未来发展，维持“买入”评级。
　　风险提示：下游需求不及预期；产品推广不及预期；技术研发不及预期。

OmniVision's 1H26 revenue/attributable net profit (NP)/recurring attributable NP were RMB14,025/1,220/1,242mn (+0.49/-39.85/-36.33% YoY). Revenue in 2Q26 was RMB7,611mn (+18.65% QoQ), demonstrating a notable QoQ recovery. The company expects 3Q26 revenue of RMB7,578-8,130mn (-0.43% to +6.83% QoQ) and gross margin of 29.35-30.65% (+1.08 to +2.38pp QoQ). We are bullish on the high-end evolution of automotive CIS, alongside the scaling up of emerging businesses such as optical communications and robotics, driving quarter-by- quarter earnings recovery. Maintain BUY.
1H26 review: Higher agency business share dragged margins
For 1H26, semiconductor design revenue was RMB10,671mn (-7.79% YoY), accounting for 76.09% of main business revenue, while agency distribution revenue reached RMB3,263mn (+41.01% YoY), accounting for 23.27%. An higher share of lower-margin agency revenue reduced overall gross margin by 1.70pp YoY. Coupled with a RMB108mn YoY increase in R&D spend, exchange losses, and the implementation of Pillar Two global minimum tax pushing up income tax by c. RMB140mn, attributable NP were dragged down. According to company announcements, 3Q26 revenue guidance is RMB7,578-8,130mn (-3.18% to +3.87% YoY, -0.43% to +6.83% QoQ) with gross margin at 29.35-30.65% (+1.08 to +2.38pp QoQ). The expanding share of product lines such as autonomous driving, professional imaging, machine vision, and robotics, alongside growing high-end product market share, is poised to drive margin improvement, in our view.
CIS structural upgrades across smartphones, automobiles, and emerging markets
According to the interim report, 1H26 image sensor revenue was RMB9,254mn, accounting for 66.05% of main business revenue. Product structures continued iterating: In smartphone CIS, 50MP and 1-inch large-format flagship products entered domestic mainstream high-end Android models, while 200MP applications expanded. In automotive CIS, as the world's largest automotive image sensor vendor, OmniVision upgraded its product specifications from 3MP (surround view)/ 8MP (front ADAS) to 12MP, with 8MP accelerating adoption. Premium vehicles feature 7-12 cameras per car, driving volume and price growth. In emerging markets, we see rapid growth in professional imaging, machine vision, robotics, and edge AI. Robotics CIS covers industrial robots, embodied AI data collection, and humanoid robots, while edge AI targets AR/AI glasses and smart wearables.
Target price at RMB107.2, maintain BUY
Considering pressures on smartphone CIS and elevated R&D spend during strategic transition, we lower our 2026/2027/2028 attributable NP forecasts by 21.5/12.4/11.3% to RMB3,365/4,551/5,191mn (EPS at RMB2.68/3.62/4.13) and adjust our revenue forecasts down to RMB30,231/34,760/38,890mn (previous: RMB32,366/36,573/40,365mn). Given its global automotive CIS leadership and new growth avenues in optical communications and robotics, we value the stock at 40x 2026E PE (a discount to its peers' average of 51.9x on Wind consensus to reflect cyclical demand pressures in automotive and consumer electronics). Our target price is RMB107.2 (previous: RMB108.8 on 32x 2026E PE; target multiple raised due to sector re-rating). Maintain BUY.
Risks: global semiconductor downturn, smartphone demand missing our expectations, intensified competition.

　　豪威集团公布2026年中报：1H26实现营收140.25亿元（yoy+0.49%），归母净利润12.20亿元（yoy-39.85%），扣非归母净利润12.42亿元（yoy-36.33%）。2Q26单季营收76.11亿元（环比+18.65%），环比明显修复。公司预告3Q26营收75.78-81.30亿元（环比-0.43%~+6.83%），毛利率29.35%-30.65%（环比+1.08-2.38pcts）。我们看好公司汽车CIS高端化与光通信、机器人等新兴业务放量带动盈利逐季修复，维持“买入”评级。
　　1H26回顾：代理业务占比提升拖累毛利率，Q3指引环比改善
　　1H26公司半导体设计业务收入106.71亿元、占主营76.09%（yoy-7.79%），代理分销业务32.63亿元、占23.27%（yoy+41.01%），低毛利代理业务占比提升使综合毛利率同比-1.70pcts；叠加研发投入同比增加1.08亿元、汇兑损失及支柱二全球最低税落地推高所得税约1.4亿元，共同拖累归母净利。据公司公告，3Q26营收指引75.78-81.30亿元（同比-3.18%~+3.87%，环比-0.43%~+6.83%），毛利率29.35%-30.65%、环比提升1.08-2.38pcts，智能驾驶、专业影像、机器视觉与机器人等产品线占比持续提升、高端产品份额扩大带动毛利率改善。
　　CIS结构升级：手机高端化、汽车量价齐升、新兴市场高增
　　据公司半年报，1H26图像传感器业务收入92.54亿元、占主营66.05%。产品结构持续升级：手机CIS方面，5000万像素及一英寸大底旗舰产品已进入国内主流安卓高端机型，2亿像素应用范围逐步扩大；汽车CIS方面，公司为全球最大车用图像传感器供应商，车载CIS规格由300万（环视）/800万（前视ADAS）向1200万像素演进、800万像素加速普及，高端车型单车摄像头达7-12颗，量价齐升；新兴市场方面，我们看好专业影像、机器视觉与机器人、端侧AI快速增长，其中机器人CIS覆盖工业机器人、具身智能数据采集与人形机器人，端侧AI面向AR/AI眼镜、智能穿戴场景。
　　光通信与AI算力布局卡位，打开新增长极
　　光通信与AI算力基础设施是公司重点布局方向。据公司半年报，公司围绕高速互联芯片（高速SerDes/接口芯片、信号调理芯片）、光模块模拟电芯片（TIA、LDDriver等收发端核心器件，已实现量产导入）及光通信器件（LCOS空间光调制器）丰富产品矩阵，LCOS已在智能眼镜、AR-HUD及波长选择开关（WSS）量产并拓展数据中心OCS交换机市场，前瞻预研匹配Micro-LED发射阵列的硅基PD光电探测芯片。据LightCounting预测，2026年AI集群光模块及CPO销售额约260亿美元（2025年约165亿美元），本土高速模拟电芯片配套需求显现。据公司公告，公司光模块模拟业务已布局Driver、WSS、AFE，基本覆盖电侧全部环节。
　　目标价107.2元，维持“买入”评级
　　我们考虑到手机CIS业务承压及战略转型期研发投入加大，下调公司2026-28年归母净利润（-21.5%/-12.4%/-11.3%）至33.65/45.51/51.91亿元，对应EPS为2.68/3.62/4.13元，并下调2026-28年营收至302.31/347.60/388.90亿元（前值323.66/365.73/403.65亿元）。考虑到公司汽车CIS全球领先地位与光通信、机器人等新兴业务打开成长空间，给予公司2026年40倍PE估值（可比公司估值均值51.9x，考虑汽车与消费电子周期性需求承压给予一定折价），对应目标价107.2元（前值108.8元，对应32xPE，上调主因板块估值上升），维持“买入”评级。
　　风险提示：全球半导体下行周期，手机等需求不及预期，行业竞争加剧。